Star Holdings Reports First Quarter 2026 Results

Rhea-AI Summary

Star Holdings (NASDAQ:STHO) filed its Form 10-Q for the quarter ended March 31, 2026, reporting net loss attributable to common shareholders of $10.3 million and loss per share of $0.85. Results include a $2.2 million non-cash mark-to-market adjustment related to approximately 13.5 million shares of SAFE that reduced EPS by $0.18.

During Q1 the company received loan repayments totaling $13.7 million (a $10.6 million mezzanine loan and a $3.1 million senior mortgage) and repurchased ~0.2 million common shares for $2.0 million at an average $8.45 per share. The company reiterated focus on monetizing real estate assets and maximizing cash flow.

Positive

• Net cash inflow from loan repayments of $13.7 million
• Share repurchase of $2.0 million at average $8.45 per share
• Owns ~13.5 million SAFE shares (mark-to-market disclosed)

Negative

• Net loss attributable to common shareholders of $10.3 million
• Loss per share of $0.85
• $2.2 million non-cash mark-to-market adjustment reduced EPS by $0.18

News Market Reaction – STHO

+0.23%

+0.23% Session close to close

In the May 11 session, STHO gained 0.23%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details Q1 2026 results, including total revenue of $20.9M, a net loss of $14.5M, ...

Analysis

This announcement details Q1 2026 results, including total revenue of $20.9M, a net loss of $14.5M, and EPS of $(0.85), with a $2.2M unrealized loss on the SAFE stake weighing on earnings. Management continued its runoff strategy, highlighted by loan repayments and share repurchases. Investors may track future updates on land sales, the value of the $183.0M SAFE position, and the company’s ability to manage its $207.0M debt while monetizing legacy assets.

Key Figures

Total revenue: $20.9M Net loss: $14.5M EPS: $(0.85) +5 more

8 metrics

Total revenue $20.9M Quarter ended March 31, 2026 (10-Q)

Net loss $14.5M Quarter ended March 31, 2026 (10-Q)

EPS $(0.85) Quarter ended March 31, 2026 (10-Q and press release)

Unrealized loss on SAFE $2.2M Non-cash mark-to-market in Q1 2026

Total assets $480.4M Balance sheet at March 31, 2026

Safehold stock $183.0M Carrying value of SAFE stake at March 31, 2026

Cash and restricted cash $62.1M Quarter-end balance at March 31, 2026

Total debt $207.0M Debt outstanding at March 31, 2026

Previous Earnings Reports

5 past events · Latest: Feb 17 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 17	Q4/FY25 earnings	Negative	+1.2%	Large FY25 net loss driven by non-cash SAFE mark-to-market charge.
Nov 07	Q3 2025 earnings	Positive	+2.9%	Quarterly net income, SAFE mark-to-market drag, and active asset monetization.
Aug 07	Q2 2025 earnings	Negative	-1.3%	Large net loss from non-cash SAFE adjustment despite strong land sales.
May 12	Q1 2025 earnings	Negative	-2.0%	Quarterly net loss with SAFE mark-to-market and moderate land revenues.
Feb 18	Q4/FY24 earnings	Negative	-0.9%	Very large SAFE-driven non-cash losses overshadowing profitable asset sales.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings updates often highlight sizable unrealized SAFE-related swings, with mostly negative price reactions and one notable divergence when non-cash losses were large.

Recent Company History

Over the last five earnings releases from Feb 2024 through Feb 2026, Star Holdings has repeatedly reported net losses driven by non-cash mark-to-market adjustments on roughly 13.5 million SAFE shares, alongside ongoing asset sales and share repurchases. Some quarters, like Q3 2025, showed positive net income and favorable reactions, while larger loss periods generally saw mild declines. Today’s Q1 2026 results continue the pattern of SAFE-driven volatility and portfolio monetization through land sales, loan repayments, and buybacks.

Key Terms

form 10-q, mark-to-market, mezzanine loan, senior mortgage

4 terms

form 10-q regulatory

"filed its Quarterly Report on Form 10-Q for the quarter ended"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

mark-to-market financial

"based on a mark-to-market at quarter end."

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

mezzanine loan financial

"including on a $10.6 million mezzanine loan at the Surfhouse"

A mezzanine loan is a type of financing that sits between a primary bank loan and equity ownership: it has a lower priority for repayment than the main loan but ranks above shareholders. Think of it as a bridge loan that fills the gap when a company needs extra cash for a buyout, expansion, or project, often carrying higher interest and sometimes a small equity stake. For investors, mezzanine debt offers higher returns but more risk than senior loans and can affect shareholder value if converted into ownership.

senior mortgage financial

"and on a $3.1 million senior mortgage on a New York asset."

A senior mortgage is a loan secured by real estate that has first claim on the property’s value if the borrower fails to repay, meaning it gets paid before any other debts tied to the same property. Investors care because this priority makes senior mortgages relatively safer and more likely to recover money in a default, providing steadier income with lower interest returns compared with lower‑priority, riskier loans—think of it as being first in line at repayment time.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, May 8, 2026 /PRNewswire/ -- Star Holdings (NASDAQ: STHO) announced today that it has filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 with the Securities and Exchange Commission. 

Net income (loss) attributable to common shareholders for the first quarter was ($10.3 million) and earnings (loss) per share was ($0.85). These results reflect a non-cash adjustment of ($2.2) million which decreased earnings per share by $0.18 with respect to our investment in approximately 13.5 million shares of SAFE based on a mark-to-market at quarter end.

During the first quarter, the Company received two loan repayments, including on a $10.6 million mezzanine loan at the Surfhouse multifamily development in Asbury Park and on a $3.1 million senior mortgage on a New York asset. Additionally, the Company repurchased approximately 0.2 million shares of its outstanding common stock for $2.0 million at an average share price of $8.45.

Further details regarding the Company's results of operations, assets and activities are available in the Company's Form 10-Q for the quarter ended March 31, 2026 which is available for download at the Company's website www.starholdingsco.com or at the Securities and Exchange Commission website www.sec.gov.

*          *          *

Star Holdings' (NASDAQ: STHO) portfolio is comprised primarily of interests in the Asbury Park Waterfront, the Magnolia Green residential development projects and other commercial real estate properties and loans that are for sale or otherwise plan to be monetized. Star Holdings also owns shares of Safehold Inc. (NYSE: SAFE). Star Holdings expects to focus on realizing value for shareholders from its portfolio primarily by maximizing cash flows through active asset management and asset sales. Additional information on Star Holdings is available on its website at www.starholdingsco.com.

Company Contact:
Pearse Hoffmann
Senior Vice President
Head of Corporate Finance
T 212.930.9400
E investors@starholdingsco.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/star-holdings-reports-first-quarter-2026-results-302767308.html

SOURCE Star Holdings

FAQ

What did Star Holdings (STHO) report for net income in Q1 2026?

Star Holdings reported a net loss attributable to common shareholders of $10.3 million. According to the company, this result includes a $2.2 million non-cash mark-to-market adjustment tied to its SAFE shareholding.

How much did Star Holdings (STHO) repurchase in shares during Q1 2026?

The company repurchased approximately 0.2 million shares for $2.0 million at an average price of $8.45. According to the company, the repurchase reduced outstanding shares and used available cash resources.

What loan repayments did Star Holdings (STHO) receive in Q1 2026?

Star Holdings received loan repayments totaling $13.7 million, including a $10.6 million mezzanine loan and a $3.1 million senior mortgage. According to the company, these repayments improved near-term liquidity.

How did the SAFE investment affect Star Holdings (STHO) Q1 2026 EPS?

A $2.2 million mark-to-market adjustment on SAFE decreased EPS by $0.18 in Q1 2026. According to the company, the adjustment is non-cash and reflects quarter-end valuation.

Where can investors find Star Holdings (STHO) Q1 2026 financial details?

Investors can download the Form 10-Q for the quarter ended March 31, 2026 from Star Holdings' website or the SEC website. According to the company, the filing contains full operational and balance-sheet details.